Bloomberg: Vietnam’s Goods Exports to U.S. Surge

11:36:50 AM | 29/5/2019

 Vietnam was one of the fastest-growing import sources of the U.S. in Asia in the first quarter of 2019, according to Bloomberg.

The Southeast Asian country could leapfrog Italy, France, the UK and India to rank seventh in the top exporters to the U.S. if its pace of growth can be sustained for a full year, Bloomberg said, forecasting Vietnam’s exports to the US could hit nearly US$69 billion this year.

It cited data from the U.S. Census Bureau which showed that imports from Vietnam jumped 40.2% year-on-year in the first three months of 2019.

Vietnam has become a standout in a region where the world’s export engines are heavily hurting amid the trade-war tensions between China and the U.S., and a slowing electronics cycle, according to Bloomberg.

Exports of Japan, the Republic of Korea, Singapore, and China’s Taiwan all saw declines in April, while in the same month Vietnam’s exports gained 7.5% from a year earlier.

Bloomberg said Vietnam offers low-cost labor and an improving business climate alongside boasting one of the fastest growth rates in the world.

According to the General Department of Vietnam Customs, in the first four months of this year, the U.S. continued to be the biggest importer of Vietnamese goods, buying US$4.42 billion worth of garment-textile, up 9.1% year-on-year; US$2 billion worth of footwear, up 13.5%; US$1.3 billion worth of machinery, equipment, and spare parts, up 54%; and US$1.42 billion worth of wood and timber products, up 34.7%.